Inside views on the jobs market
Die-hard UBS investors who have stayed with the bank through thick and thin are hoping new boss Oswald Gruebel (sitting) will return the Swiss icon to its former splendour thanks to a bitter medicine of thousands of new layoffs and heavy cost cuts announced on Wednesday.
But their patience is running out.
"The only reason why we are still with UBS is because hope dies last. But if this carries on, we will not tolerate it anymore," said Blandina Heyne, a UBS investor for seven years, as she and her husband came to attend the bank's annual general meeting in Zurich.
Both clients and shareholders have turned their back to Switzerland's largest bank after the crisis forced UBS to post the biggest loss in Swiss corporate history and shares plummeted to historic lows.
Shareholder anger forced former CEO Marcel Rohner to quit in February and chairman Peter Kurer (standing) was giving his last speech on Wednesday before leaving his job after just one year of what some investors say are empty promises.
UBS, the biggest banker to the rich, announced a second round of job cuts after posting the biggest annual loss in Swiss history. The cuts to investment banking jobs come on top of 7,500 jobs that the bank has already axed as a result of the economic crisis.
It’s not all bad news, however. UBS hired nearly 400 financial advisers in the United States in the last quarter and sources have told Reuters it is aggressively poaching advisers from rivals including Morgan Stanley, Merrill Lynch and Smith Barney.
The following financial services industry appointments were announced on Nov. 25, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail email@example.com.
STANDARD CHARTERED PLC
UK-based lender Standard Chartered Plc appointed Ebenezer Essoka as chief executive officer of its operations in South Africa. Cameroon-born Essoka, currently CEO of Standard Chartered’s west African business, will succeed Chris Low with immediate effect.
The following financial services industry appointments were announced on Nov. 21, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail firstname.lastname@example.org.
Ramesh Singh, the head of UBS AG’s asset-backed securities division has decided to step down, UBS CEO Jerker Johansson said in an internal memo. The asset-backed securities business at the Swiss banking giant will be reduced in scope. Replacing Singh, will be a group co-led by Bill Chandler, Jack McCleary and Jim Reichek.
It’s a sad day in global finance when Deutsche Bank is poised to slash about 900 jobs and no one seems the least bit surprised. Granted, there’s stiff competition in the “shocking cutbacks” department these days. In the UK, the Lloyds/HBOS deal is inching ahead, and some expect a massive 40,000 jobs to be lost in the process.
But not everyone is on a firing spree. In fact, UBS — among those hit the hardest by the global credit meltdown — says it’s adding six senior executives to its wealth management division in Asia. True, six new jobs hardly seems like cause for celebration, but it signals an increasingly foreign concept of growth and expansion in time when contraction and cutbacks reign.
The following financial services industry appointments were announced on November 3, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please email email@example.com.
NEEDHAM & CO
The investment bank said Jim Apostolides has joined the firm as a managing director in the mergers and acquisitions group based in New York. He reports to Rick deNey. Most recently, Apostolides was a managing director at Citigroup Inc. STANDARD LIFE INVESTMENTS
The global fund manager named Virginia Holmes as a nonexecutive director. Holmes was previously chief executive of AXA Investment Managers in the United Kingdom. UBS AG The Swiss investment bank named former Lehman Brothers banker Jeff Ren as an executive director for its China investment banking team, according to an internal memo obtained by Reuters on Monday. PENSION CORP
The provider and underwriter of pension solutions named Louise Inward as its general counsel. Inward was formerly head of pensions practice at PricewaterhouseCoopers Legal. GLOBAL PAYMENTS INC
The online credit card transactions processor promoted James Kelly to president and chief operating officer and also named David Mangum as chief financial officer. Joseph Hyde, currently chief financial officer, has been named to the position of president for its international division.
New York City Comptroller William Thompson has increased his forecast for the number of securities industry workers who could be laid off in the city to 35,000 from 25,000, but banks in Asia are still looking to bulk up. Top brass speaking at the Reuters Wealth Management Summit this week said their expansion plans for Asia are largely intact.
Joseph Poon, who heads the Private Wealth Asia division of Australia’s Macquarie Group, said its recently set-up Asian private banking unit will hire another 30-35 client advisers in the next three to five years.
The following are job changes within the financial industry for Oct. 7, linked where possible to personal and company profiles on LinkedIn. To inform us of other job changes, please e-mail firstname.lastname@example.org.
UBS INVESTMENT BANK
The Swiss investment bank said Janine McGrath Shelffo will join its Investment Banking Department (IBD) as a Managing Director in its Technology, Media and Telecommunications Banking group. Prior to this assignment, Shelffo was a managing director and senior coverage banker for the media sector at Lehman Brothers, where she worked since 2004.
The New York Times’ Dealbook takes a look at some of Wall Street’s biggest movers and shakers as they have played musical chairs in the last few months:
Days after Lehman Brothers’ bankruptcy, it emerged that Mr. Shafir, a global cohead of mergers and acquisitions, was leaving for Citigroup. Mr. Shafir stayed long enough to help sell Lehman’s United States capital-markets business to Barclays.
The Swiss bank has hired former Bear Stearns executive Jeffrey Mayer as joint head of the fixed income, currencies and commodities business. Mayer will be based in New York and Stamford.